My brother seems to think that in the event that our father passes,The Social Security Admin. will freeze his bank acct that his SS check gets directly deposited into (also know as the Trust acct). I am the Successor of the acct now because dad had dementia and I'm his full time caregiver/POA. I explained to my brother that his checks will stop and any money paid in advance(as I understand they pay ahead) will be returned/refunded from the bank. Brother wants me to deplete the chkg acct and put it all in a savings and only keep enough to cover expenses.
I disagree.
And also, how do you feel about brother getting copies of dads bank statements?.He has no say, I'm dad's primary advocate/POA, caregiver and is living with dad. Brother lives in another state. I personally don't feel it's necessary other than he has trust issues and when dad passes, am I going to have to split what ever monies are left in the bank acct with him. Per the trust, we split the estate 50/50. I guess I'll have to read more about that in the trust.
Any thoughts?
No SS does not freeze an acct.
As POA you are not obligated to give brother any info concerning Dads finances. No, he is not entitled to see Dads statement. Some here will tell you ur not allowed to give out Dads info.
I will assume ur Executor. As such, you will give an accounting of what bills needed to be paid upon Dads death. Anything to do with his estate. At that time your brother can ask for an accting concerning the money spent while you handled Dads money. Statements should be good for this. If you reimburse yourself, keep the receipts with the check number you used to pay urself back.
If the account is named in the trust that account goes to the trust, it is the legal owner, not dad and not you. I would be surprised if that is the case, I think SS requires the recipients name on the account. If it is POD to you, your brother isn't entitled to any of the money, by law it goes to you.
It sounds like you are in for a rodeo when your dad passes. Your brother can't do anything because of the trust, but he sure can be a giant pain in the assets.
They may freeze the account during the time it takes to recover the SS check they put in. Even if Dad dies on the last day of the month they will want back all the funds for that month. It is difficult even as POA to mess with Social Security, so don't touch it would be my advice. Once the account is closed Social Security will not deal with YOUR instructions as his POA but you will have papers to do for them. Social security ONLY trusts completely those accounts held in trust. Don't worry, but if you do, take out enough to cover funeral and a few months expenses to start settlement of Dad's estate. Check with your bank, as they will be the first to reassure you. Make an appointment with them. Not a teller window.
SS doesn’t freeze accounts but banks will if they are notified that the account holder has died.
Ours were on the second Wednesday of the month. Luz passed on the 19th of the month. No check was received the following month and no funds were extracted from the bank accounts.
The only financial transactions from SS after her death was the survivors benefit check after I went to the office to ensure checks were stopped and no payback was pending.
We had a joint account that she used solely for her funds. I had no problems with the banks as long as she had designated a beneficiary.
I have a separate account for my funds. Accounting was very simple.
No one froze any of our accounts. Not even the court handling the guardianship, outside of what was/is required by state law. After her death the states block of her account was lifted.
I would not do what your brother is recommending: taking the money out of the account for which you're listed as beneficiary and putting it into a different account. You seem to be acting appropriately as your father's financial POA agent, and who knows what your brother's motivations are for that recommendation.
Good luck.
I am the poa, successor to the bank acct, and executor of the estate. Dad has not instructed me but he is aware that brother wants bank statements. He doesn't understand it and just laughs. I am keeping record of dads money and all receipts. I just feel hes got trust issues, wants to be in control and possibly hurt/upset that dad chose me instead of him. I've done everything (getting banks on board that needs to be done per the trust. Now I can concentrate on taking care of dad. Thank you all for your imput!